The Bureau of the Treasury (BTr) has raised P30.2 billion from its treasury bills offering yesterday as rates fell across all tenors and amid robust demand for the short-term IOUs.
The auction was almost four times oversubscribed with total bids reaching P97.2 billion.
This prompted the committee to double the accepted non-competitive bids for the 91-day and 182-day securities.
With its decision, the BTr raised a total of P30.2 billion compared to the P25 billion initial offer.
“Strong market presence in auction with rates declining across all tenors,” Rosalia de Leon, national treasurer, told reporters via Viber after the auction.
“Markets see BSP (Bangko Sentral ng Pilipinas) providing continued anchor for economic rebound,” she added.
The 91-day paper fetched a rate of 1.278 percent, 2.8 basis points (bps) lower from the previous average of 1.306 percent.
Tenders totaled to P23.172 billion, more than four times oversubscribed.
Thus, the auction committee awarded P7 billion, higher than the P5 billion programmed.
For the 182-day securities, the rate is 1.549 percent, eight bps down versus the previously recorded yield of 1.629 percent.
Demand reached P31.431 billion, almost four times the P8 billion offering, prompting the auction committee to award P11.2 billion.
Lastly, the yield of the 364-day IOU is 1.829 percent, lower by 3.4 bps from the previous average of 1.863 percent.
Tenders amounted to P42.636 billion, with the government awarding P12 billion as programmed.
The BTr also opened the tap facility window for the one-year paper for another P7 billion.
